BayernLB finances Triuva's Eurotower buy with €239m loan

German lender BayernLB said on Thursday that it has provided a €239 mln loan to German property firm Triuva for the acquisition of the Eurotower in Frankfurt.

The landmark asset was acquired by Triuva's Kapitalverwaltungsgesellschaft asset management arm (previously known as IVG Institutional Funds) for a German pension fund as part of an individual mandate.

The scheme, home of the European Central Bank in Frankfurt, was sold in April for around €480 mln by US private equity real estate firm RFR.

RFR Holding GmbH, the German subsidiary of New York-based RFR, purchased the 40-storey tower for €430 mln in 2007 from fund manager Degi.

The building in Frankfurt’s banking district was recently renovated and handed back to its tenant, ECB.

BayernLB acted as arranger, lender and security agent on the deal. The lender said it has sindicated part of the financing to a total of eight savings banks.

The 40-storey, 148-metre high building was originally built in 1971 and provides 78,000 m2 of office space.